Variation of List of Names and Categories of Registered Entities - AVCO Access Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to provide the framework for the collection of data from financial sector entities, including the establishment and maintenance of a register of such entities. This Act was introduced to ensure that relevant authorities, such as the Australian Prudential Regulation Authority (APRA), have access to necessary information to oversee and regulate financial entities effectively. The policy objective of the Act is to facilitate the collection, analysis, and dissemination of data to support the stability and integrity of the financial sector. In the context of the specified legislative instrument, the Australian Prudential Regulation Authority, through a delegate, has exercised its authority under the Act to update the list of registered entities by removing the name of AVCO Access Pty Ltd, reflecting its status as a ceased registrable corporation. This administrative action aligns with the overarching goal of maintaining accurate and current records within the register to support effective regulatory oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are required to be registered with the Australian Prudential Regulation Authority (APRA). This Act mandates the registration of entities that fall within the scope of APRA's regulatory purview, ensuring that APRA maintains a comprehensive Register of Entities and a corresponding list of names of registered entities. This legislative framework applies to entities across the financial sector, which includes banks, credit unions, authorised deposit-taking institutions, insurance companies, and other relevant financial institutions. The Act extends nationally, covering the entire Commonwealth of Australia, ensuring a uniform approach to data collection and regulatory oversight. The legislative scope is delineated through subordinate instruments, which further specify the types of entities subject to registration and the data required. Exclusions or exemptions from registration are typically outlined in the Act or in related regulations, and these are applied based on the specific nature and operations of the entity in question. In the context of the given gazette, the Act's application is evident in the removal of AVCO Access Pty Ltd from the Register of Entities and the corresponding list of names, following its cessation as a registrable corporation.

Key Provisions

The legislation, C2015G01663, focuses on the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001 (section 11). The Australian Prudential Regulation Authority (APRA) maintains a register of entities (section 8) and a list of the names of these registered entities (section 11). The primary operative sections involved are sections 7, 8, 10(c), 11, and 5(3) of the Act. The register is a comprehensive record of all entities that APRA monitors, while the list specifically identifies each registered entity's name and relevant details. APRA's obligations under this legislation include maintaining and updating the register and list of registered entities to reflect any changes in their status. Specifically, section 11 mandates that APRA keeps this list, and under subsection 11(2), APRA has the authority to vary this list by adding or removing entities as necessary. In this instance, APRA has removed the name of AVCO Access Pty Ltd from the register and the list because it has ceased to be a registrable corporation as defined in section 7 of the Act (section 10(c)). Consequently, this corporation is no longer considered a registered entity under subsection 5(3) of the Act. The obligations imposed on APRA include ensuring the accuracy and completeness of the register and the list. This involves removing the names and particulars of entities that no longer meet the criteria for registration. For AVCO Access Pty Ltd, once it ceased to be a registrable corporation, APRA was required to remove its name from both the register and the list. This action ensures that the records maintained by APRA accurately reflect the current status of all entities it monitors. Any failure to comply with the requirements to update the register and list could result in civil or criminal consequences, although specific offences, penalties, or consequences are not outlined in this particular legislation. Typically, breaches of such statutory requirements might lead to fines or other penalties as stipulated by the overarching Act or related regulations. In this context, the primary focus is on the procedural correctness of the register and list rather than on punitive measures for non-compliance.